For the first time since this newsletter started, I missed our publication date 🥲

You should have received this last Friday morning, but I just couldn’t seem to make the time. (Notice that word, by the way, 'make'. Because we do 'make' time, we don’t ‘find’ it. If we really want to do something, we find a way to get it done. But unfortunately, I have been so slammed with so many things over the past few weeks that I just hit a bottleneck.)

I also don’t ever hand this column off to anyone else. It is all my own stories, all my own problems, in all my own words. So I would rather be a few days late and remain authentic than give you something that isn’t tried and tested by me, or worse still, some generic shite cobbled together on ChatGPT!

Anyway! Here we are!

One of the main things that has consumed my time over the past few weeks, and particularly in the last week, is the buyout of my partner in my Bierkeller bar businesses and the knock-on effect of further activities that has led to.

It has been a great relationship for the last few years, but the time has come for both of us, for different reasons, to part ways and move on.

He has other opportunities he would like to explore. I want to take advantage of the down market, which is only going to get worse, and aggressively acquire new units to heavily scale the business over the next couple of years.

Our separation was as simple, peaceful, and pragmatic as the rest of our partnership had been.

2 or 3 conversations to reach an agreement. Lawyers specifically instructed to document what we had agreed to and not invent any legal bullshit to score points. And a week later, the money was paid, and the next chapter begins for us both! 🥳

But I think the reality of most other partnerships is very different.

I think I am reasonably well qualified to talk about this. Over the years, I have had a couple of excellent business partnerships, a couple of utterly horrendous ones, and plenty of mediocre ones.

At my core, I am not someone who is good at playing well with others! I don’t like to have lengthy discussions. I don’t like to have to explain myself to people unnecessarily. So unless my partnership is fucking amazing, then I would rather just be the sole owner or manager.

Business partnerships are just like relationships and marriages. Unless 1 + 1 = a minimum of 3, then you should just be single!

So what makes a great partner(ship), and what makes a bad one? Many of you reading this will either be in business partnerships already or thinking about going into partnership with someone, so start taking notes now!

Different and Complementary Skillsets

This is an absolutely massive one for me. You wouldn’t hire two members of staff that could only do exactly the same thing. You know that you are wasting money, duplicating effort, and wasting time. A partnership should be no different. You and your partner should have different but complementary skills.

Are you an entrepreneurial sales and marketing guy? Then your partner should be a methodical financial expert who is a wizz with the numbers and will keep you in check.

Are you an inventor? A scientist who can build an incredible product? Well, then your partner should probably be someone who knows how to commercialise it and find customers who want to buy it.

The examples can be endless. But what you absolutely don’t want are, say, two accountants who are both incredible with numbers but can’t do anything else. They are just splitting the pie in half unnecessarily, as they will still have to go out and hire in all the other business skills necessary.

Shared Vision and Aligned Values

You may have different skill sets. You may not agree on absolutely everything. But you both MUST want to end up in the same place. You can’t go on a journey with a partner if they want to go north and you want to go south.

Your shared values are what will bind you together and keep you fighting through when things get tough. They will be what you preach to your team to make sure they are all on the same page.

You may be the numbers and your partner the creative, different in many ways, but you both must want to change the world together for the same reasons.

Honest and Trust-Worthy

Just like you have to be able to trust your lover above all else, you have to know that when the shit hits the fan, your partner will be fighting for the business and not their own interests. They will always tell you the truth, never hide anything from you, and always have your mutual best interests at heart.

For me, honesty comes above all else. It doesn’t matter how aligned your vision is or how well your skill sets are suited. If you are dealing with a dishonest person, then you are guaranteed to fail at some point. And you’ll always be looking over your shoulder when you should be working on your business.

I walked away from a deal a few months ago for exactly that reason. The company was interesting, and the assets and business case were interesting, but the potential partner doesn’t have an honest bone in his body, and I would have just been guaranteed the headache of a lifetime. No amount of money is worth that.

Clear Communication

Anything in life can be fixed with clear communication, and your business partnership is no different. Good or bad, open communication is key to success and to solving problems. You and your partner need to be able to listen actively, communicate clearly, and not shy away from uncomfortable conversations.

The business world is full of famous stories of incredible partnerships and matches made in hell! Here are some of my favourites:

Business Partnership Gold!

Steve Jobs and Steve Wozniak (Apple): The Ultimate Tech Bromance! Woz's technical genius, combined with Jobs' visionary design and marketing prowess, gave birth to Apple, revolutionising the computer industry. Their contrasting personalities complemented each other beautifully, with Woz the quiet inventor and Jobs the flamboyant showman.

Warren Buffett and Charlie Munger (Berkshire Hathaway): An investment powerhouse duo! Buffett, the "value investor," analyses numbers with razor-sharp precision, while Munger, the "psychologist investor," adds insights into human behaviour. Their intellectual debates and shared long-term vision have turned Berkshire Hathaway into a financial behemoth. (If you want to learn more about the great Charlie Munger, then check out this newsletter from a couple of weeks ago.)

Oprah Winfrey and Gayle King (OWN Network): A friendship forged in the newsroom evolved into a media empire. Oprah's charisma and business acumen, paired with Gayle's journalistic integrity and unwavering support, created a platform for diverse voices and ground-breaking storytelling.

Reed Hastings and Ted Sarandos (Netflix): From humble DVD rental beginnings to global streaming giants, this dynamic duo transformed the entertainment landscape. Hastings' strategic vision and risk-taking met Sarandos' content savvy and programming instincts, fuelling Netflix's meteoric rise.

Business Partnership Disasters!

Walt Disney and Roy Oliver Disney (Disney Studios): Walt, the creative dreamer, often clashed with Roy, the cautious businessman. While their disagreements led to innovative projects like Disneyland, they also caused power struggles and ultimately fractured their relationship, with Roy eventually leaving the company.

Steve Jobs and John Sculley (Apple): This partnership started promising, with Sculley initially bolstering Apple's marketing and sales. However, their clashing egos and differing visions led to a bitter power struggle, culminating in Jobs' ousting from the company he co-founded. (The world is very grateful that Steve eventually found his way back to Apple, though!)

Larry Ellison and Ed Zander (Oracle): While they co-founded Oracle, their volatile personalities and conflicting management styles proved unsustainable. Ellison's impulsive decisions and Zander's cost-cutting measures created tension, eventually leading to Zander's departure and Ellison regaining sole control.

Mark Zuckerberg and Eduardo Saverin (Facebook): A college friendship turned sour amidst accusations of betrayal and dilution of Saverin's ownership stake. Their legal battles and public acrimony cast a shadow over Facebook's early days, highlighting the importance of clear agreements and trust in co-founder relationships.

Jeff Bezos and Barry Diller (Amazon): Diller invested in Amazon early on, providing valuable guidance and support. However, their clashing visions for the company's future led to a falling out, with Diller selling his shares and publicly criticising Bezos' leadership.

I think an important closing thought to remember is that you don’t OWE someone a partnership ‘just because’. How many times have you heard stories or seen examples where two people became partners just because they were friends, brothers,  sisters, or whatever? They have no shared vision, no complementary skill sets, and they don’t even have a joint plan! But just because they are friends, they want to do everything together.

Then, as time goes on, there is one person driving the business, while the other barely even shows up. The driving force starts to resent their previous best friend. The disinterested partner feels entitled, regardless of the realities. And before you know it, the partnership is a disaster, and the personal relationship is broken and irrecoverable too.

Just like a wedding in Vegas after 3 days of knowing someone is never a good idea, a business partnership needs to be methodically planned out for the long term too.

A partnership doesn’t necessarily mean 50-50, though, so don’t get hung up on that. A partner is someone who exhibits all the great characteristics I have mentioned and ultimately makes you a better person and a better performer. It doesn’t necessarily mean you are equal equity holders.

If you find a person like that in the office or at home, hang on to them like your life depends on it!

Get ready to bring on the festive cheer because, in 2023, the average UK resident is gearing up to spend an average of £602 on Christmas gifts—a substantial 40% increase from last year's average of £429. The collective Christmas spirit is on the rise, with the UK set to contribute around £27.6 billion to this season's gift-giving—a significant surge of 37% from the £20.1 billion spent in 2022.

Despite the excitement, there's a subtle shift in shopping habits this year, with 86% of adults buying compared to 89% in 2022. But for those hitting the shops, a noteworthy trend emerges: nearly 43% are reaching for their credit cards to fund the season's generosity, racking up a substantial £14 billion in expected charges.

Now, let's talk strategy as we're well and truly into the holiday hustle. Santa’s sack might be full to bursting, but it's crucial not to become financially illiterate and to approach the festive season with some sense! In the midst of the current cost-of-living crisis, spending all you have might not be the wisest move. Managing finances can be challenging, but being realistic is key. Picture starting the New Year without the added burden of debt. So, without sounding like the Grinch, here's my top tip: don't end up with a debt hangover next year; stay on top of your spending and navigate your festive expenses wisely.

Here’s something a little different this week, yes, the quote is from me! In the run up to Christmas, I’m giving you the gift of entrepreneurship because it can be the gift that keeps on giving – a constant adventure of opportunities and growth. So, here's a golden nugget of wisdom from me…

Tip: Back Yourself, Seize Your Ideas with Confidence
Success kicks off with belief in your vision and the guts to chase it down. Confidence is your secret sauce. Don't be shy about rocking the boat or a few feathers– those who roll with self-assurance often find themselves succeeding!

Strategy: Take Charge with Confidence
Capitalising on your ideas isn't a spectator sport. Dive in headfirst – develop that prototype, sketch out a killer business plan, and don't be afraid to team up with fellow trailblazers, you know how much I love networking! Every move you make inches you closer to turning dreams into reality. Remember, patience and persistence are your co-pilots on this journey.

My Mantra: If You Have a Plan...

Let that sink in. This isn't just a quote; it's the key to entrepreneurial success. A solid plan and a truckload of elbow grease – that's the winning combo. Embrace the hustle, do the shitty jobs, pivot when needed, and you will succeed!

Connect with me: Need Investment? I'm All Ears!
If your entrepreneurial journey is craving a financial boost, give me a shout. I'm here to champion innovative ideas and promising ventures.

Running on the theme of entrepreneurship, this week I’ve got a little advice for you—it’s more of a public service announcement to take into the weekend, Christmas, and the New Year!

So, if you’re thinking about diving into the world of entrepreneurship and starting your own business, you're in luck because I have the ultimate playbook for you. From navigating the intricacies of making those crucial first sales to honing a diverse set of skills that will set you apart, I’ve got the insider tips you won't find anywhere else.

P.S…… I know some of you are big fans of this newsletter because you email me and tell me about it. But you still aren’t sharing it with your friends! So use the link below to spread the word and you’ll qualify for some goodies soon!